JJill Inc (JILL) 2024 Q3 法說會逐字稿

Hello, and welcome to the J.Jill Inc., Q3 2024 earnings call.

您好，歡迎參加 J.Jill Inc. 2024 年第三季財報電話會議。

Before we begin, I need to remind you that certain comments made during these remarks may constitute forward-looking statements and are made pursuant to and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements.

在開始之前，我需要提醒您，這些言論中的某些評論可能構成前瞻性陳述，並且是根據經修訂的 1995 年《私人證券訴訟改革法案》的安全港條款並在其含義範圍內作出的。此類前瞻性陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與此類陳述有重大差異。

Those risks and uncertainties are described in the press release and J.Jill's SEC filings. The forward-looking statements made on this recording are as of December 11, 2024, and J.Jill does not undertake any obligation to update these forward-looking statements.

這些風險和不確定性在新聞稿和 J.Jill 向 SEC 提交的文件中進行了描述。本錄音中的前瞻性聲明截至 2024 年 12 月 11 日，J.Jill 不承擔任何這些前瞻性陳述的義務。

Finally, J.Jill may refer to certain adjusted or non-GAAP financial measures during these remarks. A reconciliation schedule showing the GAAP versus non-GAAP financial measures is available in the press release issued December 11, 2024. If you do not have a copy of today's press release, you may obtain one by visiting the Investor Relations page of the website at jjill.com. (Operator Instructions)

最後，J.Jill 在這些言論中可能會提到某些調整後或非公認會計準則的財務指標。顯示 GAAP 與非 GAAP 財務指標的調整表可在 2024 年 12 月 11 日發布的新聞稿中找到。如果您沒有今天的新聞稿副本，您可以訪問 jjill.com 網站的投資者關係頁面獲取一份。（操作員說明）

I will now turn the call over to Claire Spofford, President and Chief Executive Officer of J.Jill Inc. Claire, please go ahead.

我現在將把電話轉給 J.Jill Inc. 總裁兼首席執行官克萊爾·斯波福德 (Claire Spofford)。

Good afternoon. Thank you, everyone, for joining us.

午安.謝謝大家加入我們。

Before we discuss our quarterly results, I want to take a moment to address the announcement of my planned retirement next year. After four years leading this incredible company and after nearly three decades leading retail organizations, I have decided that the time is right for a new chapter.

在我們討論季度業績之前，我想花點時間宣布我明年計劃退休的消息。在領導這家令人難以置信的公司四年和領導零售組織近三十年之後，我決定現在是翻開新篇章的時候了。

I am extremely proud of what our team has accomplished together, transforming J.Jill into a stronger, more agile retailer positioned for sustainable growth. The Board has begun a thorough search process to identify my successor, and I'm fully committed to ensuring a smooth and seamless transition.

我對我們團隊共同取得的成就感到非常自豪，他們將 J.Jill 轉變為更強大、更靈活、能夠實現永續成長的零售商。董事會已開始徹底尋找我的繼任者，我將全力確保平穩、無縫的過渡。

Looking back, I'm particularly proud of how we strengthened the foundation of this business. We implemented rigorous operational discipline and refocused the organization to prioritize full price selling with a new mindset of earning our way back into growth. More recently, we've taken steps to modernize the brand, enhance our value proposition and strengthen our omnichannel capabilities, all while maintaining our unwavering focus on serving our customers.

回顧過去，我對我們如何加強這項業務的基礎感到特別自豪。我們實施了嚴格的營運紀律，並重新調整了組織的重點，優先考慮全價銷售，並以重新實現成長的新思維方式。最近，我們採取措施實現品牌現代化，增強我們的價值主張並增強我們的全通路能力，同時保持我們堅定不移地專注於為客戶服務。

The operational discipline and strategic framework we've established will serve the company well as it enters its next chapter. This next stage of growth will be focused on capitalizing on the opportunities that are ahead, including new store growth and unlocking robust omnichannel capabilities. We are also engaging a consultant that brings fresh perspective to further enhance the business' growth plans.

我們建立的營運紀律和策略框架將為公司進入下一個篇章提供良好的服務。下一階段的成長將著重於利用未來的機遇，包括新店成長和釋放強大的全通路能力。我們還聘請了一位顧問，他可以帶來新的視角，以進一步加強業務的成長計劃。

In addition, we are excited to announce in recognition of the strong foundation we've built and are confident in the future that the Board has authorized a new share repurchase program. This authorization reflects a strong step forward with our TSR strategy as well as the conviction in our business model, proven track record of cash generation and the significant growth opportunities that lie ahead.

此外，我們很高興地宣布，董事會已批准一項新的股票回購計劃，以表彰我們所建立的堅實基礎，並對未來充滿信心。此授權反映了我們的股東總回報策略向前邁出了一大步，以及對我們的商業模式的信心、良好的現金產生記錄以及未來的重大成長機會。

Now let me turn to review highlights from our third quarter results. For the third quarter, we delivered results in line with our expectations as our teams remain focused on executing our operating model. We were disciplined with promotional actions and tightly managed expenses while continuing to invest in our long-term initiatives. Through this focus, we delivered another quarter of healthy margin performance, reflective of the strength of our operating principles.

現在讓我回顧一下我們第三季業績的亮點。第三季度，我們的業績符合我們的預期，因為我們的團隊仍然專注於執行我們的營運模式。我們嚴格執行促銷行動並嚴格管理開支，同時繼續投資於我們的長期計劃。透過這項重點，我們又實現了一個季度健康的利潤率表現，反映了我們經營原則的優勢。

While there continued to be some consumer distraction due to world events and pressure on full price selling, we were encouraged by the engagement we continue to draw from customers, particularly around our core fall franchises and rich color palettes.

儘管由於世界事件和全價銷售壓力，消費者的注意力仍然受到一些幹擾，但我們繼續吸引客戶的參與，特別是圍繞我們的核心秋季特許經營權和豐富的調色板，我們感到鼓舞。

We saw strong conversion in both our retail and direct channels, supported by our focused relevant assortments, which helped to partially offset traffic trends during the period. Excluding disruption from hurricanes that impacted our stores across the Southeast, we saw retail relatively outperform the direct channel, largely as a result of a more price-sensitive customer in direct, where we've continued to see customers overall remain very choiceful with their spend.

在我們重點關注的相關品類的支持下，我們的零售和直銷通路都出現了強勁的轉化，這有助於部分抵銷這段時期的流量趨勢。排除颶風對我們東南部商店的影響，我們看到零售通路的表現相對優於直接通路，這主要是由於直接通路客戶對價格更加敏感，我們繼續看到客戶總體上對他們的支出仍然非常有選擇。

While our customer file was down slightly for the period, our best customer cohort delivered growth, outperforming the overall file. We saw growth in orders per customer in the quarter, which supported our spend per customer results.

雖然我們的客戶檔案在此期間略有下降，但我們最好的客戶群實現了成長，表現優於整體檔案。本季我們看到每位客戶的訂單有所成長，這支持了我們每位客戶的支出結果。

As you will recall, we view our private label credit card similarly to a loyalty program, and we are encouraged by the increase in applications we received from the Love Your Loyalty campaign we ran this quarter. While we are managing our marketing spend with discipline given the current environment, we are continuing to actively drive engagement with customers through events such as this across our stores and social media platforms.

您可能還記得，我們​​將自有品牌信用卡視為忠誠度計劃，並且我們對本季度開展的「愛您的忠誠度」活動收到的申請數量增加感到鼓舞。鑑於當前環境，我們在嚴格管理行銷支出的同時，也將繼續透過商店和社群媒體平台上的此類活動積極推動與客戶的互動。

In addition to our Love Your Loyalty campaign, we conducted geographically focused retail marketing tests in two markets that yielded strong results and will be scaled as we move into 2025. Our Instagram series, One Minute, No Limits that highlights our Head of Design, Elliot Staples, offering advice on how to leverage J.Jill product to achieve trend-right versatile look has seen especially strong engagement and supports the versatility of our product assortment with styling tips and fun suggestions for outfitting.

除了「愛你的忠誠」活動之外，我們還在兩個市場進行了針對地理位置的零售行銷測試，取得了良好的成果，並將在進入 2025 年時擴大規模。我們的Instagram 系列「一分鐘，無限制」重點介紹了我們的設計主管Elliot Staples，他就如何利用J.Jill 產品打造順應潮流的多功能外觀提供了建議，獲得了特別強烈的參與度，並支持我們產品種類的多功能性造型技巧和有趣的穿搭建議。

In addition to this styling series, we also launched our iconic campaign this quarter, which drove engagement and was instrumental in delivering strong results in bottoms in the quarter and in modernizing the presentation of the brand and products, two areas of focus for us as we continue to modernize our brand and value proposition to appeal to a wider range of customers.

除了這個造型系列之外，我們還在本季度推出了標誌性的活動，該活動提高了參與度，並有助於在本季度取得強勁的下裝業績以及現代化品牌和產品的展示，這是我們關注的兩個領域繼續使我們的品牌和價值主張現代化，以吸引更廣泛的客戶。

Through this campaign, we took one of our core products, the ponte pants and provided new ways to style this customer favorite. The strength in our bottoms assortment also helped to offset ongoing softness in dresses that we discussed on our last quarter call. While dresses are a smaller part of our assortment in the second half of the year, we've continued to see customers gravitate towards a trend in separate.

透過這次活動，我們採用了我們的核心產品之一雙色長褲，並提供了新的方式來設計這款顧客喜愛的款式。我們下裝品種的優勢也有助於抵消我們在上季度電話會議上討論的連身裙的持續疲軟。雖然今年下半年洋裝在我們的產品類別中所佔的比例較小，但我們仍然看到顧客傾向於單獨穿著的趨勢。

And while we saw a slower start to our more seasonal products like sweaters and outerwear early in the period, we were pleased to see performance pick up in these areas as we moved more into the heart of the fall season, supported by focused promotions and colder weather.

雖然我們在此期間初期看到毛衣和外套等季節性產品的開局較慢，但我們很高興看到隨著我們進入秋季的中心，在重點促銷和寒冷天氣的支持下，這些領域的業績有所回升。

During the quarter, we also continued our progress in modernizing our systems and infrastructure and realized some promising trends in omnichannel transaction growth and an efficient customer service in our stores for our new POS system. We are excited about the new capabilities that will be enabled by a new order management system that will come online in 2025.

本季度，我們也繼續在系統和基礎設施現代化方面取得進展，並認識到全通路交易成長和新 POS 系統商店高效客戶服務方面的一些有希望的趨勢。我們對將於 2025 年上線的新訂單管理系統將啟用的新功能感到興奮。

In addition, we have continued to strengthen our store fleet with the opening of three new stores and the reopening of one store that we had closed for relocation in Q2.

此外，我們繼續加強我們的門市隊伍，開設了三家新店，並重新開業了第二季因搬遷而關閉的一家門市。

In summary, our third-quarter results were in line with our expectations and reflect the strength of our operating model. The opportunities we have to continue to capitalize on our strong loyal customer base and the progress we are continuing to make in strengthening our omnichannel model. As we look to the holidays, while we have not yet seen the robust return of the full-price customer that we saw earlier this year, we are continuing to engage with our consumer with festive holiday sweaters and accessories and flowing newness regularly.

總而言之，我們第三季的業績符合我們的預期，反映了我們營運模式的優勢。我們必須繼續利用我們強大的忠誠客戶群的機會以及我們在加強全通路模式方面不斷取得的進展。展望假期，雖然我們尚未看到今年早些時候看到的全價客戶的強勁回歸，但我們將繼續定期透過節日毛衣和配件以及流動的新品與消費者互動。

With the shortened holiday selling calendar, we have also made changes to the timing of our floor sets that we believe will support our sales and margin objectives for the quarter.

隨著假期銷售日曆的縮短，我們也對樓層設定的時間進行了更改，我們相信這將支持我們本季的銷售和利潤目標。

Before I turn the call over to Mark, I want to acknowledge the work of our teams. Throughout this year and indeed over the past four years, they have continued to stay focused on executing with passion and discipline while navigating an evolving consumer landscape. It has been my honor to lead this great organization, and I truly believe that with the strategic framework we've established, combined with our operational discipline and the support of fresh perspectives they're bringing in, will position J.Jill for continued success in this next phase of growth.

在將電話轉給馬克之前，我想感謝我們團隊的工作。今年乃至過去四年，他們繼續專注於以熱情和紀律執行，同時應對不斷變化的消費者環境。我很榮幸能夠領導這個偉大的組織，我堅信，憑藉我們建立的戰略框架，結合我們的營運紀律以及他們引入的新觀點的支持，將使 J.Jill 取得持續成功在下一階段的增長中。

I will now turn the call over to Mark.

我現在將把電話轉給馬克。

Thank you, Claire. First off, I know I speak for the entire J.Jill team when I say it has been an honor to work alongside you these past four years. We strengthened the foundation of the business and instilled a disciplined operating model, which continues to yield results even amidst a somewhat challenging consumer environment as reflected in our third quarter performance.

謝謝你，克萊爾。首先，當我說過去四年與你們一起工作是我的榮幸時，我知道我是代表整個 J.Jill 團隊發言的。我們加強了業務基礎，並灌輸了嚴格的營運模式，即使在頗具挑戰性的消費者環境中，這種模式仍能繼續取得成果，正如我們第三季的業績所反映的那樣。

As we discussed on the Q2 call, our expectations as we entered Q3 took into account the trends we were seeing in the business as well as easier year-over-year comparisons as we progressed through the period. As Claire discussed, while we have not yet seen the strong return to full price selling we saw earlier this year, we have maintained our operating discipline.

正如我們在第二季度電話會議中討論的那樣，我們進入第三季度時的預期考慮到了我們在業務中看到的趨勢以及隨著我們在此期間的進展而更容易進行的同比比較。正如克萊爾所討論的，雖然我們還沒有看到今年早些時候看到的全價銷售的強勁回歸，但我們仍然維持了我們的經營紀律。

During the quarter, we delivered a healthy gross margin of 71.4%, even after taking markdowns and additional targeted promotions where needed to end the quarter with inventories on a normalized basis flat to last year. We also remained focused on the controllables, reducing expenses where possible while protecting strategic investments in marketing and the OMS project, delivering adjusted EBITDA for the quarter of $26.8 million or 17.7% of sales.

在本季度，我們實現了 71.4% 的健康毛利率，即使在採取降價和額外有針對性的促銷活動以確保季度末庫存與去年持平的情況下也是如此。我們也持續專注於可控因素，盡可能減少開支，同時保護行銷和 OMS 專案的策略投資，本季調整後 EBITDA 為 2,680 萬美元，佔銷售額的 17.7%。

Now I'll review third quarter financial performance in more detail. Total company comparable sales for third quarter decreased 0.8% compared to a positive 1.9% last year. The decline was driven by an approximate $800,000 negative comp impact from incremental storm activity on store and direct sales in the quarter as well as by softer full price selling in the direct channel. Excluding the incremental impact of storms, total company comp sales were negative 0.3% for the quarter.

現在我將更詳細地回顧第三季的財務表現。第三季公司可比銷售總額下降 0.8%，去年同期為 1.9%。這一下降的原因是本季風暴活動增加對商店和直銷造成約 80 萬美元的負面影響，以及直銷通路的全價銷售疲軟。排除風暴的增量影響，該季度公司總銷售額為負 0.3%。

Total company sales for the quarter were about $151 million, up 0.3% versus Q3 2023. This performance was the result of a $2 million benefit due to the calendar shift compared to reported Q3 2023, which was mostly offset by lower comp, including the negative impact of storms just mentioned.

該季度公司總銷售額約為 1.51 億美元，比 2023 年第三季成長 0.3%。這一業績是由於與報告的2023 年第三季度相比發生日曆變化而帶來的200 萬美元收益的結果，該收益大部分被較低的補償所抵消，包括剛剛提到的風暴的負面影響。

Store sales for Q3 were up 0.2% compared to Q3 2023, driven primarily by the calendar shift, offset by the storm impact. Regarding the storms, first, we are very pleased and relieved that all of our associates are safe and accounted for. We did have one store in Asheville, North Carolina that had to close with an uncertain reopening date due to extensive damage to the store and to the Biltmore Village Center in which it is located.

與 2023 年第三季相比，第三季的商店銷售額增長了 0.2%，這主要是由日曆變化推動的，但被風暴影響所抵消。關於風暴，首先，我們感到非常高興和欣慰的是，我們所有的員工都安全並得到了照顧。我們在北卡羅來納州阿什維爾確實有一家商店，由於商店及其所在的比爾特莫爾村中心遭到嚴重損壞，該商店不得不關閉，重新開業日期不確定。

Direct sales as a percentage of total sales were about 46% in the quarter. Compared to the third quarter of fiscal 2023, direct sales were up 0.3% as the benefit of the calendar shift and improving return rates were partially offset by softer full price selling in the quarter and the impact of storms during the period.

本季直銷佔總銷售額的比例約為 46%。與 2023 財年第三季相比，直接銷售額成長了 0.3%，因為日曆轉換和退貨率提高的好處被本季全價銷售疲軟和期間風暴的影響部分抵消。

Q3 total company gross profit was about $108 million, down about $600,000 compared to Q3 2023. Q3 gross margin was 71.4%, down 60 basis points versus Q3 2023, driven by elevated levels of full price promotion, additional markdowns and elevated ocean freight costs in the quarter.

第三季公司總毛利約 1.08 億美元，較 2023 年第三季下降約 60 萬美元。第三季毛利率為 71.4%，較 2023 年第三季下降 60 個基點，原因是本季全價促銷加大、額外降價、海運費上漲。

As we have previously discussed, we are shipping goods early to offset delays related to the rerouting of shipping lanes away from the Red Sea, and we took evasive measures to reroute some holiday goods to the West Coast in advance of the potential East Coast port strike this fall.

正如我們之前所討論的，我們正在提前運輸貨物，以抵消因航線改道遠離紅海而造成的延誤，並且在東海岸港口可能發生罷工之前，我們採取了規避措施，將一些假日貨物改道至西海岸今年秋天。

This resulted in goods associated with our late fall and holiday floor sets carrying elevated freight costs from the summer that will be realized as we sell these goods in Q4. Importantly, while there is still uncertainty related to the East Coast port contract extension expiring in January 2025, overall ocean freight rates have stabilized more in line with prior year for spring goods that are shipping now in fourth quarter and will be sold during Q1 of fiscal 2025.

這導致與我們的深秋和假日樓層相關的商品從夏季開始運費上漲，這將在我們在第四季度銷售這些商品時實現。重要的是，儘管與2025 年1 月到期的東海岸港口合約延期相關的不確定性仍然存在，但春季貨物的整體海運費已與去年更加穩定，這些貨物現已在第四季度發貨，並將在本財年第一季出售。

SG&A expenses for the quarter were about $89 million compared to approximately $86 million last year. The increase was driven primarily by wage inflation, marketing and $400,000 in incremental expense associated with the OMS project, all of which were partially offset by favorable management incentive.

本季的 SG&A 費用約為 8,900 萬美元，而去年約為 8,600 萬美元。這一增長主要是由工資上漲、營銷以及與 OMS 項目相關的 400,000 美元增量費用推動的，所有這些都被有利的管理激勵措施所部分抵消。

Adjusted EBITDA was $26.8 million in the quarter compared to $28.6 million in Q3 2023. Please refer to today's press release for a reconciliation of adjusted EBITDA to net income, the most comparable GAAP financial measure.

本季調整後 EBITDA 為 2,680 萬美元，而 2023 年第三季為 2,860 萬美元。請參閱今天的新聞稿，以了解調整後 EBITDA 與淨利潤（最具可比性的 GAAP 財務指標）的調整表。

Turning to cash flow. For the quarter, we generated about $19 million of cash from operations, resulting in ending cash of about $39 million with zero borrowings against the ABL.

轉向現金流。本季度，我們從營運中產生了約 1,900 萬美元的現金，最終現金約為 3,900 萬美元，ABL 借款為零。

Looking at inventory. As mentioned on prior quarter calls, we expect reported inventories to be up this year due to calendar shift timing and the strategy to ship goods approximately one week early to offset delays related to the rerouting of shipping lanes away from the Red Sea. As a result, at the end of third quarter, total reported inventories were up about 9% compared to the end of third quarter last year. On a normalized basis, inventories were about flat to end the quarter.

看庫存。正如上一季電話會議中所提到的，我們預計今年報告的庫存將會增加，原因是日曆輪班時間以及提前大約一周發貨的策略，以抵消與紅海航線改道相關的延誤。因此，截至第三季末，報告庫存總額比去年第三季末增加了約 9%。按標準化計算，本季末庫存基本持平。

Capital expenditures for the quarter were $5.5 million compared to $3.7 million last year. Investments were focused on stores and the OMS technology project, which continues to make good progress on the path to implementation in fiscal 2025.

本季的資本支出為 550 萬美元，而去年為 370 萬美元。投資主要集中在商店和 OMS 技術項目上，該項目在 2025 財年的實施道路上繼續取得良好進展。

With respect to store count, we ended the quarter with 247 stores. We closed one store in Asheville, North Carolina due to extensive hurricane damage, as I mentioned, and we opened a total of four stores in the quarter, consisting of one reopening in Lynnfield, Massachusetts of a store closed for relocation during the second quarter and the opening of three new stores in Virginia Beach, Atlanta and Colorado Springs.

就商店數量而言，本季末我們擁有 247 家商店。正如我所提到的，由於嚴重的颶風破壞，我們關閉了北卡羅來納州阿什維爾的一家商店，本季度我們總共開設了四家商店，其中包括馬薩諸塞州林菲爾德的一家商店在第二季度因搬遷而關閉的一家商店重新開業，並在維吉尼亞海灘、亞特蘭大和科羅拉多斯普林斯開設了三家新店。

The Virginia Beach store opened at the end of August as a reentry into a new center in the single-store market exited four years ago. The Atlanta opening at end of October marked the seventh store in this vibrant market, the first in West Marietta, Georgia and West Cob.

弗吉尼亞海灘店於八月底開業，作為四年前退出的單店市場的新中心的重新進入。亞特蘭大於 10 月底開業，標誌著這個充滿活力的市場的第七家商店，第一家位於喬治亞州西瑪麗埃塔和西科布。

And also at the end of October, we reentered the same center in the single-store Colorado Springs market we exited three years ago following a redevelopment and remerchandising of the Promenade Shops Lifestyle Center.

同樣在 10 月底，我們重新進入了三年前在 Promenade Shops Lifestyle Center 進行重建和重新銷售後退出的單店科羅拉多斯普林斯市場的同一個中心。

We are excited to continue expanding the fleet. New stores represent an opportunity to capture new customers, grow awareness and deliver healthy financial results with payback periods just under three years and healthy cash-on-cash returns of over 30%. We are actively working on our plans for next year and continue to see opportunity to open up to 50 net new stores in the next five years.

我們很高興能夠繼續擴大機隊。新店提供了吸引新客戶、提高知名度和實現健康財務表現的機會，投資回收期不到三年，現金回報率超過 30%。我們正在積極制定明年的計劃，並繼續尋找在未來五年內淨開設 50 家新店的機會。

Turning now to our outlook. As we have mentioned, we have not yet seen the return of the strong full-price customer we saw earlier this year, though we continue to operate with discipline and manage our controllables. As such, we are tightening our outlook slightly with the assumption this trend continues throughout the remainder of the year.

現在轉向我們的展望。正如我們所提到的，儘管我們繼續遵守紀律並管理我們的可控因素，但我們尚未看到今年早些時候看到的強大全價客戶的回歸。因此，我們略微收緊了我們的前景，假設這一趨勢將在今年剩餘時間內持續下去。

For fourth quarter, we expect sales compared to the 14-week Q4 2023 to be down 4% to 6% compared to $150.3 million in the prior year. We expect Q4 revenue to be negatively impacted by about $2 million related to the calendar shift and another $8 million associated with the extra week in Q4 last year. We expect total comparable sales growth, which excludes the impact from the 53rd week, to increase 1% to 3% compared to the prior year period. This expectation reflects the continuation of trends I just mentioned against the easier comparison to the prior year period, which saw comparable sales decline 3.6%.

對於第四季度，我們預計銷售額與 2023 年第四季 14 週相比將下降 4% 至 6%，而去年同期為 1.503 億美元。我們預計第四季度的收入將受到與日曆調整相關的約 200 萬美元的負面影響，以及去年第四季度額外一周相關的 800 萬美元的負面影響。我們預計，剔除第 53 週的影響後，可比銷售總額成長將比去年同期成長 1% 至 3%。這一預期反映了我剛才提到的趨勢的延續，與去年同期相比，可比銷售額下降了 3.6%。

We expect Q4 adjusted EBITDA to be in the range of $12 million and $14 million. This guidance reflects expected gross margin pressure greater than that seen in Q3, largely driven by the elevated freight costs associated with our holiday products that I reviewed earlier, our continuing commitment to moving inventory in season through pricing and promotion actions as necessary and the impact of the calendar shift, which pulls in a markdown week to this year versus a full price week included in the last year comparison.

我們預計第四季度調整後 EBITDA 將在 1200 萬美元至 1400 萬美元之間。這項指導反映了預期的毛利率壓力大於第三季的水平，這主要是由於我之前審查過的與我們的假日產品相關的運費上漲、我們繼續致力於透過必要的定價和促銷行動來及時轉移庫存以及日曆的轉變，今年的降價週與去年的比較中包含的全價週相比。

For full year, we expect total revenue to be about flat to plus 1%, total company comparable sales to be up 1% to 2% and for gross margin to be down modestly. Given our performance year to date and our expectations for Q4, we have narrowed our guidance range for adjusted EBITDA to $105 million to $107 million, reflecting a year-over-year decline of 5% to 7%.

就全年而言，我們預計總收入將持平至增加 1%，公司總可比銷售額將成長 1% 至 2%，毛利率將小幅下降。考慮到我們今年迄今的業績以及對第四季度的預期，我們已將調整後 EBITDA 的指導範圍縮小至 1.05 億美元至 1.07 億美元，同比下降 5% 至 7%。

This outlook is compared to prior year revenue of $608 million and adjusted EBITDA of $113 million and incorporates the negative impact from the loss of the 53rd week compared to fiscal year 2023 of about $8 million in sales and $2 million in adjusted EBITDA as well as approximately $2 million in incremental operating expenses related to the OMS project.

這項展望與前一年的收入6.08 億美元和調整後的EBITDA 1.13 億美元相比，並考慮了與2023 財年相比第53 週損失約800 萬美元的銷售額和200 萬美元的調整後EBITDA 的負面影響以及約與 OMS 項目相關的增量營運費用為 200 萬美元。

Excluding the impact of the 53rd week and the operating expense investment in the OMS project, we expect fiscal 2024 revenue to be up in the range of 1% to 2% and adjusted EBITDA to be down 2% to 4% compared to the prior year. Karaoke Acoustic Version

排除第53週及OMS專案營運費用投資的影響，我們預期2024財年營收將比上年成長1%至2%，調整後的EBITDA將下降2%至4% 。卡拉OK原聲版

Regarding store count, for fourth quarter, we expect to open five new stores and close up to five stores to deliver four net new stores for fiscal year 2024, excluding the temporary closure in Asheville. And with respect to total capital expenditures, we still expect to spend about $22 million in reported CapEx during fiscal 2024.

關於門市數量，我們預計第四季將開設 5 家新店並關閉最多 5 家門市，從而在 2024 財年淨增 4 家新店（不包括阿什維爾的臨時關閉）。就總資本支出而言，我們仍預期 2024 財年報告的資本支出將支出約 2,200 萬美元。

In closing, as Claire mentioned, we remain confident in the operating model of the business and are focused on executing and operating with discipline. Our expectations for this year will yield the fourth consecutive year of adjusted EBITDA margin in the high teens while generating significant free cash flow.

最後，正如克萊爾所提到的，我們對業務的營運模式仍然充滿信心，並專注於嚴格執行和營運。我們預計今年的調整後 EBITDA 利潤率將連續第四年保持在高位，同時產生大量自由現金流。

As we look beyond this year, we expect to continue to deliver on the operating model and are committed to our capital allocation priorities, including investing in the business, paying down debt and driving total shareholder return strategies. We have significantly strengthened the balance sheet this year, reducing debt levels to approximately $76 million of principal outstanding, and initiated our first ordinary dividend program, demonstrating our commitment to driving total shareholder returns.

展望今年，我們預計將繼續實現營運模式，並致力於我們的資本配置優先事項，包括投資業務、償還債務和推動股東總回報策略。今年，我們顯著強化了資產負債表，將未償本金債務水準降低至約 7,600 萬美元，並啟動了第一個普通股息計劃，體現了我們推動股東總回報的承諾。

Today, we are very pleased to have announced the next step in that strategy, the Board's authorization of a $25 million share repurchase program, the first one since going public in 2017. The authorization is good for two years and is expected to be funded through existing cash and future free cash flow. The timing, manner, price, and amount of any repurchases will depend on many factors, and we plan to be measured but opportunistic.

今天，我們非常高興地宣布該策略的下一步，即董事會授權實施 2500 萬美元的股票回購計劃，這是自 2017 年上市以來的第一個計劃。該授權有效期為兩年，預計將透過現有現金和未來自由現金流提供資金。任何回購的時間、方式、價格和金額將取決於許多因素，我們計劃進行衡量，但要把握機會。

In addition, we are looking forward to bringing in additional resources, as Claire reviewed, to support our team in further advancing the growth plans of the business. We continue to believe in the opportunities that lie ahead with new store growth and unlocking the new omnichannel capabilities that we have invested in these past two years. We also recognize the untapped potential we have in this great brand and look forward to advancing our growth plans and trajectory to position J.Jill for long-term success.

此外，正如克萊爾所說，我們期待引入更多資源，以支持我們的團隊進一步推進業務成長計劃。我們仍然相信新店成長和釋放我們過去兩年投資的新全通路能力所帶來的機會。我們也認識到這個偉大品牌尚未開發的潛力，並期待推進我們的成長計劃和發展軌跡，使 J.Jill 長期成功。

Thank you. I will now hand it back to the operator for questions.

謝謝。我現在將其交還給接線員以供提問。

(Operator Instructions) Janine Stichter, BTIG.

（操作員說明）Janine Stichter，BTIG。

Congrats on the solid quarter in a tough environment. I guess to start out, just maybe the cadence of the trends in the quarter. I know August got off to a slow start. Maybe elaborate more on what you've seen kind of notwithstanding the hurricane. And curious what you're seeing just in terms of consumer behavior.

恭喜在艱難的環境中實現了穩健的季度業績。我想首先是本季趨勢的節奏。我知道八月起步緩慢。也許可以更詳細地說明您在颶風期間所看到的情況。並好奇您所看到的消費者行為。

Are we still seeing consumers kind of shopping around those peak periods and then taking a break or a breather during the lulls? Or are you seeing any change in how the consumer is responding?

我們是否仍然看到消費者在高峰期購物，然後在淡季休息或喘口氣？或者您發現消費者的反應方式有任何變化？

Thanks, Janine. So yes, August was a soft month for us. We had nice sequential improvement as we move deeper into the quarter. The latter half of the quarter was a little bit of an easier compare, but we were pleased to see traction as we got into the quarter. We put those sort of hurricane events behind us.

謝謝，珍妮。所以，是的，八月對我們來說是一個疲軟的月份。隨著本季的深入，我們取得了很好的連續改進。本季後半段的情況比較容易一些，但我們很高興在進入本季時看到了牽引力。我們將此類颶風事件拋諸腦後。

And as I mentioned, we also saw some colder weather as well as some of our efforts to engage consumers gaining some nice traction. So it was a sequential improvement over the quarter on a year-over-year basis.

正如我所提到的，我們也看到了一些寒冷的天氣，以及我們為吸引消費者所做的一些努力獲得了一些不錯的吸引力。因此，本季較去年同期有所改善。

We continue to see the consumer behavior be mixed. Mark, I think, mentioned in his script about the full-price consumer not coming back in as robust a way as we saw earlier in the year. And so it is a little bit mixed and a little bit mixed by channel. The direct consumer continues to be a little bit more price sensitive than our retail consumer and traded into markdowns a little bit more in the quarter. But we supported the business and achieved our objectives through focused promotions, supporting the top line and also ensuring that we exited the quarter in the right inventory position.

我們繼續看到消費者行為參差不齊。我想，馬克在他的劇本中提到，全價消費者不會像我們今年早些時候看到的那樣強勁地回歸。所以它有點混合，而且按渠道也有一點混合。直接消費者仍然比我們的零售消費者對價格更加敏感，並且在本季度進行更多的降價交易。但我們透過集中促銷來支持業務並實現了我們的目標，支持收入並確保我們以正確的庫存狀況結束本季。

Great. And then maybe just the broader promotional environment. Have you seen any change there? And might that be part of what you're seeing as far as the consumer gravitating towards promotion?

偉大的。然後也許只是更廣泛的促銷環境。你看到那裡有什麼改變嗎？這可能是您所看到的消費者傾向於促銷的一部分嗎？

Yes. I mean we're in a very obviously promotional quarter, Q4 in women's apparel retail. We did pull forward the beginning of our Black Friday promotion a little bit, but not as much as we saw some others doing. And we had sort of an okay performance over that time period. But the fourth quarter just tends to be terribly promotional across the board.

是的。我的意思是，女裝零售業正處於一個非常明顯的促銷季度，即第四季。我們確實將黑色星期五促銷活動的開始提前了一點，但沒有我們看到其他一些人所做的那麼多。在那段時間我們的表現還不錯。但第四季的促銷活動往往非常激烈。

Dylan Carden, William Blair.

迪倫卡登，威廉布萊爾。

Curious, you mentioned weather as being a little bit of a headwind, but not nearly as much as some others have been talking about this earnings season. Do you think that sort of a delay in cool weather hit you in any meaningful capacity? And I guess if there's a sequential ramp, maybe was that just some of the easier comparisons or -- yes.

好奇的是，您提到天氣有點不利，但並不像其他一些人談論的本財報季那麼嚴重。您認為涼爽天氣的延遲對您有任何有意義的影響嗎？我想如果有一個連續的斜坡，也許這只是一些更容易的比較，或者——是的。

Yes. Great question, Dylan. It definitely was part of what we saw as we were sort of moving into September from August. I mentioned we had a little bit of softness in some of our core programs in sweaters and outerwear beginning -- at the beginning of the fall season, really coming into September. Those did pick up as the weather got colder.

是的。很好的問題，迪倫。這絕對是我們所看到的一部分，因為我們從八月進入了九月。我提到過，我們在毛衣和外套方面的一些核心項目開始出現了一些疲軟——從秋季開始，真正進入九月。隨著天氣變冷，這些確實有所增加。

I was going to say improved, but got colder. And then we also did kind of surgically promote them as we got later into the quarter to help support catching up on those categories. But we definitely think it was a little bit of a headwind in the early part of the fall season.

我本來想說有所改善，但變得更冷了。然後，當我們進入本季後期時，我們也對它們進行了手術式推廣，以幫助支持追趕這些類別。但我們確實認為，在秋季初期，這有點不利。

Makes sense. And Mark, is it safe to assume that the comp guide for the fourth quarter is kind of what you're doing in the business now? Or is there an assumed ramp just given those comparisons get easier?

有道理。馬克，可以肯定地說第四季的薪酬指南就是您現在在業務中所做的嗎？或者是否有一個假設的斜坡只是讓這些比較變得更容易？

Thanks for the question, Dylan. Yes, the guide assumes kind of what we're seeing in the business and trending that forward. It always -- we always try to encompass a range of potential outcomes and feel like given where we're at in the quarter, that's a reasonable guide.

謝謝你的提問，迪倫。是的，該指南假設了我們在業務中看到的情況並預測了這一趨勢。我們總是試圖涵蓋一系列潛在的結果，並考慮到我們在本季所處的位置，這是一個合理的指導。

And then finally for me, the sort of the comments that you haven't seen the full-price customer come back to the business like you saw in the beginning of the year. Is that -- have you lost that customer? Or is that customer just now only engaging at sort of lower price points, more promotional levels?

最後對我來說，你還沒有看到全價顧客像年初一樣回到公司的評論。那是──你失去了那個客戶嗎？或者該客戶現在只是以較低的價格點、更多的促銷水平參與？

Yes. It's -- I mean, it's not a binary thing, Dylan, it's about a mix of sort of consumer behaviors. As I said, our direct customer tends to be a little bit more price sensitive. So we did see higher markdown penetration in that quarter in direct.

是的。我的意思是，這不是一個二元的東西，迪倫，它是關於消費者行為的混合。正如我所說，我們的直接客戶往往對價格更加敏感。因此，我們確實直接看到該季度降價滲透率更高。

But we still have a pretty robust full price and full price with limited promo customer, as you can see in the margin performance in the business. So it's not an all or nothing thing. It's just we had an incredibly strong May and June and full price penetration was super high. And then we saw some change in behavior as we moved into the summer. So we haven't seen that May, June profile come completely back.

但我們仍然擁有相當強勁的全價和有限促銷客戶的全價，正如您在業務的利潤表現中看到的那樣。所以這不是全有或全無的事情。只是我們的五月六月表現異常強勁，而且全價滲透率非常高。然後，隨著進入夏季，我們看到行為發生了一些變化。所以我們還沒看到五月、六月的情況完全恢復。

The next question comes from Corey Tarlowe with Jefferies.

下一個問題來自科里·塔洛和傑弗里斯。

Claire, I think in your comments, you had mentioned something about your customer file trends. Could you maybe unpack that for us a little bit more to just give us a little bit better understanding of how the consumer has been interacting with the brand generally and any trends that you've seen within your file specifically that you can call out?

克萊爾，我認為在您的評論中，您提到了有關客戶文件趨勢的一些內容。您能否為我們提供更多信息，以便讓我們更好地了解消費者如何與品牌互動，以及您在文件中看到的任何可以明確指出的趨勢？

Sure. So the overall customer file tracked fairly consistently with the top line of the business. It contracted slightly, but our best customer cohort outperformed that and continued to be very strong in the quarter. So I think it's -- again, it's hard to speak generically about the customer when there are different segments that are behaving differently. So I think that's not surprising that you'd see the customer contract a little bit if traffic is off and it was off in both channels in the quarter.

當然。因此，整體客戶檔案與業務收入的追蹤相當一致。它略有收縮，但我們最好的客戶群體的表現優於這一點，並且在本季度繼續保持強勁勢頭。所以我認為，當不同的細分市場表現不同時，很難籠統地談論客戶。因此，我認為，如果流量減少並且本季度兩個管道的流量都減少，您會看到客戶合約略有下降，這並不奇怪。

Got it. And then, Mark, as you think about the store opening opportunity, is there any thought to what 2025 might look like in terms of openings? I know you've talked about a multiyear plan for a number of stores, but I'm curious, I would imagine that the plans for '25 are coming into view at this point.

知道了。然後，馬克，當您考慮開店機會時，您有沒有想過 2025 年的開店情況會是什麼樣子？我知道您已經談到了許多商店的多年計劃，但我很好奇，我想 25 年的計劃此時正在考慮之中。

Yes, Corey. We have a very robust pipeline of potential store voids that we're chasing down. So first of all, we're pleased we updated -- we provided our guidance for this year of net four with basically nine store openings and expecting five closures in Q4. That represents a ramp-up in our store pipeline from certainly where we've been in the last four years and a ramp-up from last year. So we would expect that to continue to ramp higher.

是的，科里。我們擁有非常強大的潛在商店空缺管道，我們正在追蹤這些空缺。首先，我們很高興我們更新了——我們為今年的淨四店提供了指導，基本上有九家新店開業，預計第四季度將關閉五家。這代表著我們的商店管道比過去四年和去年有所增加。因此，我們預計這一數字將繼續走高。

We mentioned the 50-store opportunity over the five-year timeframe, and we've mentioned 20 to 25 over a more medium-term or three-ish year time frame. So I would say net four this year, and we'll ramp into that 20 to 25 in the next couple of years.

我們提到了在五年時間範圍內開設 50 家商店的機會，並且我們提到了在更中期或三年左右的時間範圍內開設 20 到 25 家商店的機會。所以我想說今年是 4 個，未來幾年我們將增加到 20 到 25 個。

Jonna Kim, TD Cowen.

喬納森·金，TD·考恩。

Just curious on your comment about direct consumers being more price sensitive. Has this been the trend prior? And sort of what are potential strategies to change that dynamic going forward? And then just a second question on marketing spend. How are you thinking about marketing spend as we look to '25 and sort of any changes that you have as you continue to learn through your marketing initiatives?

只是對您關於直接消費者對價格更加敏感的評論感到好奇。這是之前的趨勢嗎？改變這種動態的潛在策略是什麼？然後是關於行銷支出的第二個問題。當我們展望 25 世紀時，您如何看待行銷支出以及您在繼續透過行銷計劃學習時所發生的任何變化？

Great. Thanks for the question. The direct consumer -- so historically, before we sort of instituted this much more full price focused business model, the direct consumer was very much more than today sort of a markdown customer and someone who would largely buy on promo, and we were a lot more promotional in those days.

偉大的。謝謝你的提問。直接消費者——從歷史上看，在我們建立這種更以全價為中心的商業模式之前，直接消費者比今天要多得多，是降價客戶和主要透過促銷購買的人，我們有很多那時候促銷力道更大。

Today, we still see that customer be a little bit more price sensitive than our retail customer. I think logically, the retail customer is going to the store with the purpose of purchasing the direct customer might be enticed a little bit more with promos and off-price options. That said, again, I would point to the margin profile of the business and the overall margin profile of the business is still very, very healthy and very full price focused. We're speaking, honestly, on a relative basis in the quarter.

今天，我們仍然看到客戶比我們的零售客戶對價格更敏感。我認為從邏輯上講，零售客戶去商店的目的是購買，直接客戶可能會受到促銷和折扣選項的更多誘惑。也就是說，我再次指出該業務的利潤率狀況，該業務的整體利潤率狀況仍然非常非常健康，並且非常注重價格。老實說，我們是在本季的相對基礎上談論的。

And then with regard to marketing spend, we haven't talked about '25 in any detail. We'll certainly do that when we get on to the Q4 call in March. But we are investing behind marketing. We are investing to bring new customers into the brand to build awareness. We feel great about the potential for this brand and this business and introducing new customers to it.

然後關於行銷支出，我們還沒有詳細討論 '25。當我們在三月召開第四季電話會議時，我們肯定會這樣做。但我們正在行銷背後進行投資。我們正在投資將新客戶帶入品牌以建立知名度。我們對這個品牌和這項業務的潛力以及向其介紹新客戶的潛力感到非常滿意。

So we are investing, but we're also trying to maintain the right level of discipline given the uncertainty that we have continued to see in the macro environment and some of that sensitivity from the consumer.

因此，我們正在投資，但鑑於我們在宏觀環境中繼續看到的不確定性以及消費者的一些敏感性，我們也試圖保持適當的紀律水平。

(Operator Instructions) Ryan Meyers, Lake Street Capital Markets.

（操作員說明）Ryan Meyers，湖街資本市場。

Just one for me. Wondering if you can talk a little bit about a potential tariff impact as that obviously seems to be the top of the list of concerns for people. Just maybe highlight the supply chain, any sort of impact or anything we should be aware of there?

只給我一個。想知道您是否可以談論潛在的關稅影響，因為這顯然是人們最關心的問題。也許只是強調供應鏈、任何影響或我們應該注意的任何事情？

Yes, Ryan, thanks for the question. I'll take that one. So obviously, there's a lot of real-time information flowing out there around potential tariffs. The good news for us is that China, which is one of those that have been talked about with respect to tariffs, for us, China is below 5% in terms of finished goods production. So that's not really an issue for us.

是的，瑞安，謝謝你的提問。我會接受那個。顯然，有大量有關潛在關稅的即時資訊在流傳。對我們來說，好消息是中國，這是人們一直在談論關稅的國家之一，對我們來說，中國的製成品產量低於 5%。所以這對我們來說並不是真正的問題。

We don't really do much importing from Canada or Mexico, so some of those items.

我們實際上並沒有從加拿大或墨西哥進口太多，所以其中一些商品。

But the general thinking around tariffs and that which we're hearing, again, there's still a lot of detailed information to be better understood about what will actually be implemented, the timing, the amounts, et cetera. But we're very much aware of them. We are tracking them. The impacts at some of the levels that they're talking about with respect to sort of all country tariffs would be meaningful and obviously would require some level of negotiations with vendors, some level of price reviews on our products and some level of absorption within the company. But it's still way too early to comment on given that it's not yet the new administration, and we need to see where this stuff all lands.

但關於關稅的一般想法以及我們所聽到的，仍然有很多詳細資訊需要更好地理解，以了解實際實施的內容、時間、金額等。但我們非常了解他們。我們正在追蹤他們。他們所談論的對所有國家關稅的某些層面的影響將是有意義的，顯然需要與供應商進行一定程度的談判，對我們的產品進行一定程度的價格審查，以及在一定程度上吸收公司。但鑑於新政府尚未上任，現在發表評論還為時過早，我們需要看看這些東西最終會落在哪裡。

Marni Shapiro, The Retail Tracker.

Marni Shapiro，零售追蹤者。

Congratulations, Claire. It's so exciting. I hope you're off to do something fun. I'm just curious, I know you said robust full price selling hasn't returned. But just within that context, I'm curious if the levels you saw in May, June, is that where you expect to get back to?

恭喜你，克萊爾。太令人興奮了。我希望你出去做一些有趣的事。我只是好奇，我知道你說過強勁的全價銷售尚未恢復。但就在這種情況下，我很好奇你在五月、六月看到的水平是否是你期望回到的水平？

Or was that higher than usual? And then just along those lines, did you see an improvement in full price selling even if it wasn't back to May and June?

還是比平常高？那麼，沿著這些思路，即使不是回到五月和六月，您是否也看到全價銷售有所改善？

Yes. Great question. Thank you. So we talk all the time about May and June being our holiday, but our holiday without having to promote as much. So it was an unusually strong May and June this year.

是的。很好的問題。謝謝。所以我們一直在談論五月和六月是我們的假期，但我們的假期不需要做太多宣傳。所以今年的五月六月是異常強勁的。

And so the full price penetration was very, very healthy. We did see pressure over July and August that we talked about on our last call. And we did see as we moved into the fall season, some strengthening of trend, right? And so I think the full price profile of the business in the quarter overall was relatively strong, just not as robust as we have seen and we did see at the beginning of Q2.

因此，全價滲透率非常非常健康。我們確實看到了我們在上次電話會議中談到的七月和八月的壓力。當我們進入秋季時，我們確實看到了一些趨勢的加強，對嗎？因此，我認為該季度整體業務的整體價格狀況相對強勁，只是不像我們所看到的那樣強勁，而且我們在第二季初確實看到了這一點。

Okay. That makes sense. And then could I just follow up on, I guess, the full price selling or just what she's looking to buy? Is she gravitating towards the fashion and the novelty? Because when you hit holiday, I felt like the store looked very different.

好的。這是有道理的。然後我可以跟進全價銷售還是只是她想買的東西？她是否偏向時尚和新奇？因為當你遇到假期時，我覺得這家商店看起來很不一樣。

I mean it was -- that snowflake sweater right in the front that sold out in 15 minutes. It looked very different and the colors were very rich and beautiful. So I'm curious if she's still gravitating towards the fashion. And if so, does it -- are you thinking about kind of what that balance looks like on an ongoing basis?

我的意思是，前面那件雪花毛衣 15 分鐘內就賣光了。它看起來非常不同，顏色非常豐富和美麗。所以我很好奇她是否仍然對時尚感興趣。如果是這樣，您是否正在持續思考這種平衡是什麼樣的？

Yes. Great question. Thank you. Actually, some of our strengths in Q3, I mentioned the bottoms business. I mentioned our iconic marketing campaign.

是的。很好的問題。謝謝。實際上，我們在第三季的一些優勢，我提到了底部業務。我提到了我們標誌性的行銷活動。

The iconic campaign was structured around our ponte pants that we've had a version of in the line for a very long time. It is super central and core to our assortment. We refreshed the way we styled it, the way we shot it, the way we presented it and we created a spotlight on it, and it saw some really nice traction, which was part of the strength in bottoms, which tend to be more -- less fashion for us.

這次標誌性的廣告活動以我們的雙色長褲為主題，我們已經推出了該系列很長一段時間的款式。它是我們品種的超級中心和核心。我們刷新了它的設計方式、拍攝方式、呈現方式，並創造了聚光燈，它看到了一些非常好的牽引力，這是下裝力量的一部分，而這往往更多 - - 我們的時尚少了。

The snowflake, so the fourth quarter tends to be a fairly traditional assortment and level of fashion for us. we know what our customer looks for and she loves snowflakes. So that snowflake sweater that you saw sell out quickly is reflective of that. And so I guess my point is that it's really a very kind of seasonal thing in terms of the mix of fashion and core programs, but we continue to be focused on creating the right balance in that and understanding the seasonality and the trends from our consumer to reflect that appropriately.

雪花，所以第四季對我們來說往往是一個相當傳統​​的品種和時尚水平。我們知道客戶想要什麼，她喜歡雪花。所以你看到的那件很快就賣光的雪花毛衣就反映了這一點。所以我想我的觀點是，就時尚和核心項目的結合而言，這確實是一種非常季節性的事情，但我們將繼續專注於在其中創造適當的平衡，並了解消費者的季節性和趨勢適當地反映這一點。

This concludes our Q&A session and will conclude today's conference call. Thank you for joining. You may now disconnect.

我們的問答環節到此結束，今天的電話會議也將結束。感謝您的加入。您現在可以斷開連線。